Digital tools, a diverse workforce, and improved skill sets among employees can drive up to $1.4 trillion in revenue and $282 billion in profit for companies—nearly 2 percent of the global GDP according to Infosys' latest study.
The study 'Future of Work 2023,' which was released this week, shows how modern workplaces will see more hybrid working and digital engagement—enabling firms to build more diverse and creative teams.
The survey found that companies whose workforces are more flexible, diverse, and digital outperform their competitors.
According to Infosys's statement, the report found that companies could generate up to 1.4 trillion dollars in revenue and 282 billion dollars in profit by using digital tools for automation, diversifying their talent pool, and improving employees' skills development.
The study found that companies with a higher staff retention rate saw sales and profits increase by nearly 20%, compared to those who experienced falling rates during this period.
Companies recognize they must tailor their technology investments to suit distributed work patterns. For example, one company requires its employees who are not physically sitting at their desks in an office environment to do so online via a desktop-based virtual meeting system; another allows non-work tasks such as social media feeds and podcast listening when computers or mobile devices are used but asks workers on site (or near it) rack up meetings using conference calls with instant messaging over standard email applications.
The Infosys Knowledge Institute (IKI) conducted the survey and polled 2,500 senior executives and managers involved in workplace planning at large companies with over USD 1 billion in annual revenue.
The survey examined 12 industries in five countries: the United States, Britain, France, Germany, and Australia.
The study focused on how shifting trends and pressures on the workforce, workplace, and workstyles relate to revenue growth, profitability, and employee retention.
About 65 percent of senior executives polled concurred that incorporating remote working, resulted in better staff retention. Companies that incorporated wellness initiatives, home office stipends, and reskilling programs saw an increase in staff retention.
Modernization and automation of digital tools, compensation rise, and bring-your-own-device strategies were also impactful on retention.
"Automation and modernization of digital tools are set to become the top investment priority for firms in the next two years and is expected to bring in up to USD 123 billion in profit," the statement said.
